Samsung Pay Has 14 Million Users Across The Globe
Rishu Mayadev - May 17, 2019
Most of Samsung Pay users come from South Korea
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Samsung smartphone owners have been able to use their smartphones as digital wallets to make contactless payments since 2015. This service has been expanded to operate on the Samsung smartwatch. The payment service was announced in Korea in August 2015 and in the US one month later. Samsung Pay is now available in 25 countries including China, Spain, Australia, Singapore, etc., reaching 14 million users worldwide.
However, the majority of Samsung Pay users seem to be in South Korea, accounting for roughly 80% of this mobile payment service's user base. In April, Samsung Pay exceeded 40 million won (equivalent to 33.7 million USD) in transactions, 25% of which are from online payments, as stated by the Financial Supervisory Service.
In addition to making payments, the mobile app also enables users to make deposits and withdrawals from ATMs and pay for credit, transit cards, and Paypal. The payment service integrates the MST (Magnetic Secure Transmission) and Near Field Communication (NFC) technologies. That has allowed the payment app to have compatibility with a high variety of point-of-sale because users can utilize the NFC as well as the MST technology, which is used by most bank cards. The mobile payment service is available on the Galaxy S series and also on Galaxy J and A phones.
In terms of security measures, Samsung Pay is more secure than using ATM or credit cards since the service doesn't keep the real card numbers on the phone. Basically, the payment app encrypts the card numbers then send these encrypted numbers to payment terminals rather than sending the real card numbers. Moreover, the payment app doesn't require you to generate an additional PIN code on the phone. You can use your actual card's PIN code to make payments on Samsung Pay. It is both safe and convenient.
In the future, the company plans to develop Samsung Pay's features through a collaboration with Woori Bank, add a currency exchange function that has compatibility with the most commonly used currencies such as USD, Yen, and Euro.
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